Ionic Rare Earths Limited is focused on developing its flagship Makuutu Rare Earths project in Uganda into a significant, low-cost, supplier of high-value critical and heavy rare earths. Makuutu is an advanced-stage, clay-hosted project highlighted by near-surface mineralisation, significant exploration upside, excellent metallurgical characteristics and access to tier-one infrastructure. The clay-hosted geology at Makuutu is similar to major rare earths projects in Southern China, which are responsible for the majority of global supply of low cost rare earths, specifically the high value Heavy Rare Earths (>95% originating from ionic clays). Metallurgical testing at Makuutu has returned excellent recovery rates, which provide multiple avenues for a low-OPEX process route. Makuutu is well-supported by tier-one existing infrastructure which includes access to major highways, roads, power, water and a professional workforce. Rare Earths will play a critical role in the future of clean energy. Rare Earths are a key ingredient in the permanent magnets found in wind turbines and electric vehicles. Ionic is led by an experienced and proven team, who have the capabilities to deliver Makuutu into production and realise value for all stakeholders.